India Company's rupees in relation to dollars and cash (March 29, 1842) and declared the dollar to be the standard medium in commercial transactions unless it were otherwise specified (April 27, 1842). Sir J. Davis now issued a proclamation (May 1, 1845) which cancelled the foregoing' proclamations and ordained that the following; coins should thenceforth constitute a legal tender of payment in Hongkong, viz. (1) the gold, silver and copper coins of the United Kingdom, (2) gold mohur at 29s. 2d., (3) Spanish, Mexican or South-American dollars at 4s. 2d., (4) rupees at 1s. 10d., (5) cash at the rate of 280 cash to one shilling. This attempt to establish a uniform gold standard in Hongkong was received by the community with blank astonishment. But it did not affect trade in any way, because there was no demand for gold, whilst silver, coined and uncoined, passed current in the Colony by weight. Consequently Indian and British silver coins were, irrespective of their Sterling value, taken weight for weight with old chopped dollars. But the proclamation did affect official salaries and payments to Government. An attempt was also made in 1846 to introduce a sufficient quantity of British coins to compete with Mexican and Spanish dollars. At the close of the year, the Deputy-Commissary General presented to the Governor a very favourable report on the British coin sent out by the Treasury. He stated that it had proved extremely useful for small payments, that even the Chinese brought dollars to be exchanged for Sterling, and that he had applied for more to be sent out to the amount of £10,000. Subsequent experience, however, contradicted the hopes entertained as to the success of a British currency in China and the dollar continued to reign supreme.
Among the more hopeful symptoms of local commerce at this period may be mentioned the establishment (in April, 1845) of a branch of the Oriental Bank Corporation, which put in circulation in 1847, though as yet unchartered, over $56,000 worth of bank-notes, to the great relief of local trade. The appointment of three Consular officers is another noteworthy feature. Mr. F. T. Bush acted (since November 12, 1845) as
